Where a dealer enjoying deferment of payment of tax under clause (a), or tax holiday under clause (b), or remission of payment of tax under clause (c), of sub-section (1) of section 118, exercises option under sub-section (8A) of section 22 seeking refund of seventy five per centum of the accumulated input tax credit or input tax rebate in respect of any quarter of a year, such refund shall be given to him without making any prior assessment subject to the provision of sub-rule (2).

(2) The dealer referred to in sub-rule (1), shall, after submission of return along with receipted challan or challans evidencing full payment of net tax, interest and late fee according to such return for any return period comprising the quarter of any year under the Act and under the Central Sales Tax Act, 1956 (74 of 1956), make an application in Form 33 along with the computation of the amount, claimed to be refundable to him, to the Commissioner within one month from the date of submission of such return, or subject to the satisfaction of the Commissioner, or the Additional Commissioner or the Deputy Commissioner, as may be authorized by the Commissioner (hereinafter referred to as the "refund sanctioning authority" for the purpose of this rule) within such further time not exceeding four months from the date of submission of such return as may be allowed by such authority, for refund of seventy five per centum of the accumulated input tax credit or input tax rebate arising during such return period comprising the quarter of any year:

Provided that where such dealer referred to above also makes sales in the course of export out of the territory of India within the meaning of sub-section (1) of section 5 of the Central Sales Tax Act, 1956 (74 of 1956), he shall furnish along with Form 33 the various Forms as described in sub-rule (2) of rule 76 and the applicant shall also furnish the document and statement as referred to in sub-rule (2A) of rule 76."

(3) The provisions of sub-rule (2), sub-rule (2A), sub-rule (2B), sub-rule (2C), sub-rule (2D), subrule (3)(a), sub-rule (3)(b), sub-rule (3)(c), sub-rule (3A), sub-rule (3B), sub-rule (3C), sub-rule (3D), sub-rule (4), sub-rule (5), sub-rule (6), sub-rule (7), sub-rule (7A) and sub-rule (7B), of rule 76 shall, mutatis mutandis, apply to the dealers seeking refund of input tax credit or input tax rebate under sub-section (8A) of section 22.

Provided that notwithstanding anything contained in sub-rule (3) (c) or sub-rule (3A) of rule 76, where the dealer who has been served with a notice in Form 37B as referred to in sub-rule (3) (c) of rule 76, furnishes the indemnity bond pursuant to the said notice on or before the date as specified in the said notice or such date as extended by refund sanctioning authority in accordance with the provisions of the said sub-rule of rule 76 which is, mutatis; mutandis, applicable under this sub-rule, the refund sanctioning authority shall, within thirty working days from the date of receipt of the application for refund, pass an order for making refund to such dealer the ninety per centum of the amount of refund claimed by him in the application for refund to be refundable to him or ninety per centum of such amount less than the amount claimed by him in the application for refund to be refundable to him and issue Form 37C as referred to in sub-rule (3A) of rule 76 which is, mutatis mutandis, applicable under this sub-rule, enclosing therewith the Refund Adjustment Order or Refund Payment Order (Cash) or cheques, and one copy of the said Form 37C shall be sent to the appropriate assessing authority.

(4) The refund made under sub-section (8A) of section 22 shall be entered into a refund register in Form 38A.